Newsweek.com - As the Justice Department winds down its eight-year crusade against Swiss banks selling offshore tax-dodging services to wealthy Americans, the Internal Revenue Service is offering its own parting gift: softer penalties for taxpayers who come out of the woodwork to disclose their secret accounts. Call it the advent of the “I was clueless” defense.…
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Is Their Benefit To Responding To Your Swiss Bank's Request For Confirmation Of Tax Compliance?
On Tuesday, June 17, 2014 we originally posted "Did You Receive a Swiss Bank Letter Asking You to Confirm That You Are Compliant with US Tax Law?" where we discussed that numerous clients of our firm have requested advice on how to respond to letters from their Swiss Bankers asking them to confirm that they are…
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Components Of The Revised OVDP Program!
The new revisions to the US offshore voluntary disclosure initiative, which we posted on 6/18/14 "IRS Makes Changes to Offshore Programs; Revisions Ease Burden and Help More Taxpayers Come into Compliance", now provides for the following clarifications to the OVDP program: Continuation of 2012 OVDP. The "revamped" OVDP is not a new program but rather a…
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OVDP Penalty Increased To 50%!
The new revisions to the US offshore voluntary disclosure initiative, which we posted on 6/18/14 "IRS Makes Changes to Offshore Programs; Revisions Ease Burden and Help More Taxpayers Come into Compliance", now provides for and increased 50% FBAR Penalties for 'Willful' Non-Disclosers. This group includes those individuals who have offshore bank accounts with a foreign…
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